At Balkans Property Forum 2025 in Belgrade, senior bankers, investors and developers came together to assess where capital is flowing in a market shaped by cautious optimism and selective growth. The investment and financing panel examined how asset preferences, financing conditions, regulatory capacity and ESG expectations are influencing investment decisions across Serbia and the wider region, revealing both the persistence of traditional strongholds and the gradual emergence of new priorities.
Opening the panel, moderator Csanád Csürös set the stage for a lively exchange by engaging both the audience and panellists with a poll on preferred asset classes in the region. Participants quickly gravitated toward office and residential sectors as the mainstays of stability in a market still marked by post-pandemic uncertainties and fluctuating growth forecasts.
Aleksandra Čupić, Head of Real Estate at Erste Bank Serbia, distilled the panel’s prevailing sentiment: “In this current environment, the office sector stands out as a clear winner due to its low vacancy rates and demonstrated resilience throughout both pre- and post-COVID periods. Stability remains the fundamental criterion for attracting investment, and Serbia’s office market offers exactly that, both to local and international investors.” She also highlighted the challenge of defining green standards in financing: “As banks, we are still collectively learning what truly qualifies as green finance. It is essential for both lenders and investors to align on standards that genuinely add value and build a sustainable market for years to come.”
Yet, the optimism around traditional asset classes was balanced by an undercurrent of forward-looking perspectives. Igor Jakovljević, Director at Industrial Park Belgrade, urged stakeholders not to underestimate the logistics segment: “Logistics may currently attract just a fraction of the votes, but therein lies its true opportunity. As demand for transparent and efficient logistics solutions rises, those who seize the chance today will shape the region’s growth trajectory tomorrow.” He further stressed the importance of regulatory modernisation, stating, “Facilitating smoother permitting processes and ensuring timely issuance of usage permits will make Serbia far more attractive to future investors.”
On financing, the conversation moved into nuanced territory with Olivera Dželić, Head of Large Public and Project Finance at NLB Komercijalna banka, articulating both the benefits and caveats of the region’s banking landscape. “Despite past concerns around high interest rates, the real obstacle is rarely financing itself, but rather the perception of risk and the adaptability of domestic players to uncertainty,” she commented. Dželić also drew attention to the importance of supporting administrative infrastructure: “Permitting inefficiencies are often more a matter of capacity than will. The dedication of municipal staff is evident, but under-resourcing can delay approvals, signalling the need for strategic investment in public sector capacity.”
Jovana Martinović, CIO at Merin Group, addressed the panel’s central concern about the nature of capital and investment moving forward. “We are seeing a maturation of the market, where the pace of sales is moderating and the buyer is increasingly discerning,” she noted. “In this context, domestic investors are not only stepping up as key players, but also adopting strategies that reflect a deeper understanding of operational and ESG factors — aligning profit with purpose has become an essential prerequisite for long-term success.”
Capping the discussion, Dr. Gábor Regős, Chief Economist at Gránit Asset Management, broadened the lens to cross-border dynamics and ESG imperatives. “Our experience demonstrates that regional investors, along with responsible regulation, bring much-needed stability and innovation to these maturing markets,” he observed. “While the terminology around ESG may evolve, the core principles of social responsibility, sustainability, and energy efficiency are becoming deeply embedded in investment decisions — no longer a trend, but a permanent requirement.”
The panel concluded with a spirit of cautious optimism, underlined by the shared belief that ongoing reform, cross-sector collaboration, and continued evolution in sustainability standards will be pivotal in steering the region’s real estate market toward robust and sustainable growth.
